Yubico
-
Quarterly Report January-March 2026
Making the digital world safer for everyone
quarterly summary CEO statement Group development Other information Financial statements Additional information
Challenging Q1: Focused on execution, efficiency and long-term growthBookings and net sales came in weak in the quarter, impacted by currency headwinds and geopolitical uncertainty that continue to impact customer decisions. At the same time, subscription sales continued to show good growth. Yubico completed a reorganization in the quarter to strengthen efficiency, expected to deliver annualized savings of approximately SEK 95 million.
•
SEKm | 2026 | 2025 | Δ% | 25/26 | 2025 |
Net sales | 479.3 | 623.1 | -23.1 | 2,074.2 | 2,218.0 |
whereof subscription sales, % | 18.9 | 12.8 | 16.9 | 15.3 | |
First quarter
Net sales decreased by -23.1 percent to SEK 479.3 (623.1) million, whereof
impact.
Gross profit
368.2
488.7
-24.7
1,606.8
1,727.3
Subscription sales increased by 13.8 percent to SEK 90.6 (79.6) million,
Gross margin, %
76.8
78.4
77.5
77.9
corresponding to 18.9 (12.8) percent of net sales. ARR increased by 11.0
EBIT
14.9
92.6
-83.9
122.2
199.9
percent to SEK 383.5 (345.7) million.
EBIT margin, %
3.1
14.9
5.9
9.0
EBIT amounted to SEK 14.9 (92.6) million, corresponding to an EBIT margin of
Net profit/loss
21.5
51.3
-58.1
98.3
128.1
3.1 (14.9) percent. Negative currency impact amounted to SEK -26.5 million.
Earnings per share, before dilution
0.25
0.59
-57.8
1.13
1.49
-10.2 percent was organic change, and -12.8 percent was negative currency
Q1 LTM Full-year
Earnings per share, after dilution
0.25
0.58
-56.8
1.13
1.46
Net cash
945.1
805.5
17.3
856.0
Bookings
390.6
523.8
-25.4
2,221.2
2,354.4
whereof subscription bookings, %
ARR
12.1
383.5
11.1
345.7
11.0
24.0
23.1
391.0
Expenses related to the reorganization amounted to SEK -21.0 million, fully recognized in Q1 and impacting ~45 employees, resulting in gross annualized cost savings of approximately SEK 95 million with effects starting in Q2.
Earnings per share after dilution amounted to SEK 0.25 (0.58).
Bookings decreased by -25.4 percent to SEK 390.6 (523.8) million, whereof
-14.4 percent was organic change, and -11.0 percent was negative currency impact.
-23.1%
Growth in net sales in the quarter
11.O%
Growth in ARR in the quarter
3.1%
EBIT margin in the quarter
Significant events during the quarter
On March 26th, Yubico announced preliminary numbers for order bookings and EBIT for Q1 2026 which are confirmed in this report.
Significant events after the end of the quarter
On May 4th, the Board appointed Jerrod Chong as permanent President and CEO of Yubico.
On April 30th, Yubico announced a partnership with OpenAI, where ChatGPT users can purchase YubiKeys through their Advanced Account Security program.
quarterly summary CEO statement Group development Other information Financial statements Additional information
Executing on strategy and building the foundation for AI securityGlobal uncertainty impacts market sentiment and is reflected in slow Q1 for Yubico
The first quarter is seasonally the slowest quarter for order bookings and this year it also reflected ongoing headwinds from the operating environment we have navigated since 2025. We continue to have active conversations with a wide range of customers of all sizes across the globe, and it is clear that the demand for phishing-resistant authentication remains solid. However, we are experiencing extended purchasing cycles due to the challenging geopolitical environment and navigating more complex decision-making from the customer side.
While I am not satisfied with our order bookings and profitability development, I am encouraged by the traction in our subscription offering as well as the cost discipline visible in the quarter. Bookings in the quarter amounted to SEK 391 million, corresponding to a year-on-year change of -25 percent, of which -13 percent was related to negative currency impact. The decrease reflects a continued shift towards smaller and mid-sized transactions, with larger enterprise deals taking longer to close. The public sector was a relative outperformer in the Americas, and EMEA delivered solid bookings supported by a significant defense sector agreement. YubiKey as a Service represented 12 percent of total bookings and ARR reached SEK 383 million at the end of the quarter, representing a year-on-year increase of 11 percent, reflecting the continued traction for our subscription offering. Net sales amounted to SEK 479 million, corresponding to a year-on-year change of -23 percent. Negative currency effects accounted for approximately -13 percentage points of the decline. Gross margin amounted to 77 percent, consistent with our guided range of 75-80 percent for 2026. EBIT amounted to SEK 15 million, corresponding to an EBIT margin of 3 percent.
Reorganization positions us for improved execution
During the quarter we took an important step to align our organization with our long-term strategy and current market conditions. We implemented a global reorganization to simplify our structure, improve efficiency, accountability and execution, and strengthen coordination between product, go-to-market and operations. As part of this
process, we reduced our workforce by ca 45 employees which corresponds to almost 10 percent of our total workforce. Expenses related to the reorganization amounted to SEK 21 million, all of which were fully recognized in Q1. The reorganization is expected to result in gross annualized cost savings of approximately SEK 95 million with effects starting in Q2. Our focus remains on efficient execution, disciplined growth, and building an organization that is fit for the long term.
Strategic collaboration with OpenAI
I am really proud to announce our recent partnership with OpenAI, one of the world's leading AI companies. This sets the bar for how Yubico is viewed as a foundational technology provider for infrastructure with the next generation of companies and industries. Through OpenAI's Advanced Account Security program, OpenAI will market YubiKeys to ChatGPT and Codex users, who can purchase them directly on OpenAI's platform, bringing the strongest hardware-backed passkeys to one of the world's largest AI platforms. Notably, OpenAI already uses YubiKeys internally to protect its employees and infrastructure, providing strong validation of our technology at the AI frontier. At a time when AI-based phishing risks are on the rise, every enterprise user is part of the attack surface. This partnership reinforces the importance of hardware security as a proven and scalable model to protect identities.
During the quarter, we also collaborated with IBM and Auth0, part of Okta, to ensure that as autonomous systems gain decision-making authority, every high-consequence action remains authorized by a verified human through hardware-backed security keys. We also expanded YubiKey as a Service to Ping Identity, an enterprise identity provider, with pre-registered security keys, making it faster and simpler for enterprise customers to onboard phishing-resistant authentication. Taken together, these developments confirm Yubico's position as a trusted security foundation for the AI-driven enterprise, across authentication, digital identities, and autonomous AI systems.
Protecting digital identities in an AI-driven world
We operate in a market where there is strong underlying demand, but where the urgency to act has never been greater. AI is fundamentally reshaping the threat landscape, and closing the phishing door has never been more relevant. Our priorities are clear: accelerating product releases, deepening customer engagements, and ensuring our organization is structured to execute at pace. The actions taken in the first quarter position us well to improve performance as the year progresses. I am confident in our direction, our team, and our ability to deliver on our long-term mission to protect digital identities in an increasingly complex and AI-driven world.
Jerrod Chong, President and CEO
Group development
quarterly summary CEO statement Group development Other information Financial statements Additional information
Net sales
January-March
Net sales decreased by -23.1 percent to SEK 479.3 (623.1) million in the first quarter, whereof -10.2 percent was organic change, and
-12.8 percent relates to negative currency impact. Subscription sales increased by 13.8 percent in the same period and amounted to SEK
90.6 (79.6) million representing 18.9 (12.8) percent of net sales. The decline in net sales reflects a number of factors: currency headwinds from a strengthening SEK against the USD, a net sales decline in the Americas, our largest region, as well as the growing share of subscription contracts where revenue is recognized proportionally over the contract period, typically spanning three to five years. The increase in subscription sales continues to strengthen our recurring revenue base, annual recurring revenue increased by 11.0 percent to SEK 383.5 (345.7) million. Net sales in the Americas represent 64.1 (71.8) percent of total sales. We saw strong growth in the public sector in the quarter as well as companies in high-tech and defense. EMEA grew to 26.6 (22.9) percent of net sales with the DACH and CEE regions showing growth in the quarter and the defense sector as a relative outperformer across the region. Asia Pacific continues to perform strongly, representing 9.3 (5.4) percent of net sales in Q1 driven by strong bookings in previous quarters.
Gross profit
January-March
Gross profit decreased by -24.7 percent to SEK 368.2 (488.7) million, corresponding to a gross margin of 76.8 (78.4) percent, within our guided range of 75-80 percent for 2026. The decline in gross profit is primarily driven by the lower net sales in the quarter.
EBIT
2025
LTM
Quarter
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2026
100
0
6
200
21
400
300
80
700
600
500
EBIT, quarterly and 12 months rolling, SEKm
131
111 111
93
85
2025
LTM
Quarter
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2026
3,000
479
2,500
2,000
1,500
1,000
500
0
499
499
548
547
3,500
623
623
590
614
Net sales, quarterly and 12-month rolling, SEKm
15
January-March
EBIT amounted to SEK 14.9 (92.6) million, corresponding to an EBIT margin of 3.1 (14.9) percent. EBIT was negatively affected by the decline in gross profit and negative currency impact of SEK 26.5 million. Total expenses for research and development amounted to SEK 77.2 (93.1) million, with lower costs partially driven by capitalization of development costs of SEK 12.2 (0.0) million. Selling and marketing expenses amounted to SEK 206.6 (197.8) million. Administrative expenses amounted to SEK 72.5 (113.1) million. Other income and expenses amounted to SEK 2.9 (7.9) million, the majority related to realized and unrealized currency effects. Headcount reached 514 (544) at the end of the first quarter, a decrease of -5.5 percent from last year. This reflects the reorganization which affected approximately 45 employees, corresponding to almost 10 percent of our workforce. Expenses related to the reorganization program amounted to SEK 21.0 million and were all recognized in the quarter. The reorganization is expected to result in gross annualized cost savings of approximately SEK 95 million starting from Q2 this year. Total recognized expenses for the LTIP programs amounted to SEK -7.9 (15.5) million as part of employee costs. The reversal of costs related to the LTIP programs is driven by a change in management's assessment regarding the likelihood of the program vesting.
Net profit/loss and earnings per share
January-March
The net profit amounted to SEK 21.5 (51.3) million. Net financial items of SEK 15.4 (-24.1) million were affected by currency effects of SEK
11.3 million related to USD cash balance in the parent company. The effective tax was 29.1 (25.2) percent. The increased tax expense for this period is driven by deferred tax related to the reversed cost in LTIP programs and prior-year tax charges impacting the Canadian entity. Earnings per share after dilution amounted to SEK 0.25 (0.58).
quarterly summary CEO statement Group development Other information Financial statements Additional information
Group development cont.Bookings
January-March
Bookings decreased by -25.4 percent to SEK 390.6 (523.8) million in the first quarter, whereof of -14.4 percent was organic change, and
-11.0 percent was negative currency impact. The decline was driven primarily by perpetual bookings, but subscription bookings also saw a decrease. Bookings came in slightly below the guided range, primarily due to one larger deal slipping into the next quarter.
Q1 is seasonally a slower quarter and was this year characterized by a high volume of smaller transactions. The year-on-year comparison was impacted by large perpetual contracts in Q1 2025 that did not recur at the same scale. The decline was most pronounced in the Americas, reflecting the absence of comparable large enterprise activity. EMEA delivered strong growth, with defense as a standout driven by significant contract activity in the region. The public sector was the largest contributor to perpetual bookings across the quarter, with defense, logistics and high-tech also representing notable areas of activity. Asia Pacific saw a modest decline in the quarter.
Subscription bookings amounted to SEK 47.3 (58.3) million, a decrease of -18.9 percent but corresponding to an increase to 12.1 (11.1) percent of total bookings. Renewals represented SEK 22.1 million. Key subscription agreements in the quarter spanned the logistics, high-tech and public sectors, reflecting continued uptake of YubiKey as a Service across mid-sized and multi-year agreements.
Annual recurring revenue, ARR
Cash flow and financial position
394
386
391 384
324
346
277
288 293
Bookings by quarter, SEKm 900 800 | |||||||||
700 | 19% | ||||||||
600 | 21% | 15% | 28% | ||||||
500 | 18% | 11% | 32% | 17% | |||||
400 300 200 100 | 82% | 81% | 89% | 68% | 83% | 72% | 12% 88% | ||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
2024 | 2025 | 2026 | |||||||
Perpetual | Subscriptions | ||||||||
ARR, SEKm | |||||||||
January-March
Cash flow from operating activities during the quarter amounted to SEK 87.2 (44.1) million. Net change in working capital amounted to SEK 78.2 (-1.2). Inventory decreased in absolute terms, with a cash flow impact of SEK 18.6 (-35.7) million. Inventory as a percentage of LTM sales increased to 33.8 percent, compared to 32.3 percent in Q4.
Cash flow from investing activities amounted to SEK -13.8 (-3.9) million, including investments in machinery and equipment of SEK
-3.2 (-2.6) million and capitalized development projects of SEK -12.2
(0) million.
Cash flow from financing activities amounted to SEK -3.7 (-5.7) million, that relates to amortization of lease liabilities. At the end of the period interest-bearing liabilities totaled SEK 35.3 (46.5) million, consisting entirely of lease liabilities.
January-March | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
ARR increased by 11.0 percent compared to last year and amounted to SEK 383.5 (345.7) million at the end of the period. From Q4 to Q1 ARR decreased by -1.9 percent to SEK 383.5 (391.0) million, the | 2024 | 2025 | 2026 | ||||||
organic growth was 4.4 percent and the currency impact was negative -6.3 percent. |
Other information
quarterly summary CEO statement Group development Other information Financial statements Additional information
Sustainability
Yubico is committed to transparency and accountability in sustainability practices. The company's overall vision is to make secure login easy and available for everyone. From a societal perspective, IT security is essential to ensure safe communication and to protect customers, citizens and, by extension, democracies. We continue to monitor the regulatory environment, and we are taking steps to align our reporting accordingly where relevant to us as a company. Yubico responds to the United Nations Sustainable Development Goals (SDG) no.9 by supporting a resilient infrastructure, and SDG no.16 by supporting effective, accountable, and transparent institutions and public access to information. For more detailed information relating to our sustainability work, see the Annual Report for 2025.
Employees
The number of employees in the Yubico group at the end of the period was 514 (544). During the quarter Yubico implemented a reorganization which impacted 45 employees. The total cost amounted to SEK 21.0 million expected to result in gross annualized cost savings of approximately SEK 95 million starting from Q2 2026.
Risk management
Yubico works continuously to identify, evaluate, and manage risks in different systems and processes. Risk analyses are carried out
continuously regarding normal operations and in connection with activities that are outside Yubico's regular quality system. The risk and uncertainty factors for the group and the parent company, including business and financial risks, are described in the annual report for the financial year 2025. The recent increased geopolitical turbulence and uncertainties related to new tariffs have limited direct impact on the business as Yubico have local manufacturing in Sweden and the United States, and value creation largely occurs post-manufacturing through key programming.
Parent company
The Parent company's net sales for the January - March period amounted to SEK 183.8 (331.3) million. Profit/loss before tax was SEK
-9.1 (51.0) million. Cash and cash equivalents at the end of the period amounted to SEK 717.3 (754.2) million. The number of employees in the Parent Company at the end of the quarter was 164 (166).
Ownership and shares
Yubico AB trades on Nasdaq Stockholm under the ticker YUBICO.
As of March 31, 2026, the number of issued shares were 87,291,882, whereof 86,426,882 were ordinary shares and 865,000 were C shares. The C shares were issued to secure delivery of shares to participants in the long-term incentive program for 2025 ("LTI 2025"). Such class C shares shall be redeemable and, upon a resolution by the board of directors, convertible into ordinary shares in Yubico.
On August 14, the Board of Directors resolved to utilize the mandate from the Annual General Meeting to repurchase the company's own shares up to SEK 200 million. As of March 31, 2026, Yubico has repurchased 654,728 of its own shares (corresponding to 0.75% of the total number of issued shares) at an acquisition cost of SEK 88.3 million. The impact on earnings per share is negligible.
Long-term incentive program
Yubico has three long-term incentive programs, LTI 2023, approved by the EGM on September 19, 2023, LTI 2024, approved by the AGM on May 14, 2024 and LTI 2025, approved by the AGM on May 13, 2025. For more information on the PSU programs see the Annual Report 2025, section "The Yubico share and owners" and Note 6.
AGM 2026
The Annual General Meeting will be held today May 5, 2026. For more information go to:
https://investors.yubico.com/en/annual-general-meeting-2026/
quarterly summary CEO statement Group development Other information Financial statements Additional information
Other information cont.The Board of Directors and CEO give their assurance that the interim report provides a fair overview of the development of the Group's and Parent Company's operations, profit and financial position and describes the material risks and uncertainty factors faced by the Parent Company and the companies included in the Group. The interim report has, following authorization from the Board of Directors, been signed by the CEO.
Stockholm, May 5, 2026
Jerrod Chong
President and CEO
Webcast/teleconference
Yubico will hold a webcast/conference call today, May 5, 2026, at 09:00 CET. Jerrod Chong, CEO, Snejana Koleva, CFO and Alexandra Barganowski, IR of Yubico will present and answer questions.
To listen to the conference, click on the following link: https://yubico.events.inderes.com/q1-report-2026
Via the webcast, you can ask written questions. If you wish to ask questions verbally, please register on the following link: https://events.inderes.com/yubico/q1-report-2026/dial-in
Financial calendar
Interim report January - June: August 6, 2026
Interim report January - September: November 5, 2026 Year-end report January - December: February 11, 2027
Contacts Jerrod Chong CEO
jerrod@yubico.com
Snejana Koleva
CFO
snejana.koleva@yubico.com
Alexandra Barganowski
Investor Relations & Sustainability alexandra.barganowski@yubico.com
The information in this report has not been audited or reviewed by the company's auditors.
The interim report includes such information that Yubico is obliged to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication on May 5, 2026, at 7.00 am CET.
quarterly summary CEO statement Group development Other information Financial statements Additional information
Financial statementsSEKm | Note | 2026 | 2025 | ||
Net sales Cost of sales | 2 3 | 479.3 -111.1 | 623.1 -134.3 | 2,074.2 -467.4 | 2,218.0 -490.7 |
Gross profit | 368.2 | 488.7 | 1,606.8 | 1,727.3 | |
Research and development | 3 | -77.2 | -93.1 | -300.4 | -316.4 |
Selling expenses | 3 | -206.6 | -197.8 | -888.8 | -880.0 |
Administrative expenses | 3 | -72.5 | -113.1 | -305.4 | -346.0 |
Other income and expenses | 2.9 | 7.9 | 9.9 | 14.9 | |
EBIT | 14.9 | 92.6 | 122.2 | 199.9 | |
Net financial items | 15.4 | -24.1 | 6.6 | -32.9 | |
Profit/loss before tax | 30.3 | 68.5 | 128.7 | 166.9 | |
Tax | -8.8 | -17.2 | -30.4 | -38.8 | |
Net Profit/loss | 21.5 | 51.3 | 98.3 | 128.1 | |
Earnings per share before dilution, SEK | 0.25 | 0.59 | 1.14 | 1.49 | |
Earnings per share after dilution, SEK | 0.25 | 0.58 | 1.13 | 1.46 | |
Average number of shares before dilution (mill) | 85.8 | 86.3 | 86.1 | 86.2 | |
Average number of shares after dilution (mill) | 86.3 | 88.8 | 88.6 | 87.8 | |
Condensed consolidated statement of profit or loss
Condensed consolidated statement of comprehensive income
Q1 LTM Full-year
25/26 2025
Q1 LTM Full-year
SEKm Note | 2026 | 2025 | ||
Net Profit/loss | 21.5 | 51.3 | 98.3 | 128.1 |
Other comprehensive income | ||||
Items to be reclassified to profit/loss, after tax Translation differences at translating foreign entities Tax relating to translation differences | 9.2 - | -20.0 - | -6.6 - | -35.8 - |
Total comprehensive income | 30.8 | 31.3 | 91.7 | 92.3 |
25/26 2025
All equity and total comprehensive income are attributable to owners of the Parent company, and there are no non-controlling interests.
quarterly summary CEO statement Group development Other information Financial statements Additional information
Financial statements cont.Condensed consolidated statement of financial position
31 Mar
31 Dec
SEKm | 2026 | 2025 | |
ASSETS | |||
Intangible assets | 39.0 | 13.3 | 28.3 |
Property, plant and equipment | 70.2 | 75.6 | 73.3 |
Financial assets | 9.5 | 8.1 | 11.0 |
Deferred tax assets | 90.9 | 87.8 | 92.7 |
Total non-current assets | 209.6 | 184.8 | 205.4 |
Inventories | 700.9 | 712.1 | 715.7 |
Accounts receivable | 213.8 | 352.1 | 317.7 |
Other current assets | 115.0 | 120.5 | 80.7 |
Cash and cash equivalents | 980.4 | 852.1 | 895.0 |
Total current assets | 2,010.2 | 2,036.8 | 2,009.1 |
TOTAL ASSETS | 2,219.8 | 2,221.6 | 2,214.4 |
EQUITY AND LIABILITIES | |||
Equity | 1,687.4 | 1,618.1 | 1,659.9 |
NON-CURRENT LIABILITIES | |||
Non-current interest-bearing liabilities | 21.0 | 31.7 | 23.0 |
Other non-current liabilities | 2.9 | 6.9 | 4.8 |
Deferred tax liabilities | 5.5 | 6.0 | 5.8 |
Total non-current liabilities | 29.4 | 44.6 | 33.6 |
CURRENT LIABILITIES | |||
Current interest-bearing liabilities | 14.2 | 14.8 | 16.0 |
Accounts payable | 31.8 | 31.0 | 36.1 |
Other current liabilities | 456.9 | 513.1 | 468.9 |
Total current liabilities | 502.9 | 558.8 | 520.9 |
TOTAL LIABILITIES | 532.4 | 603.5 | 554.6 |
TOTAL EQUITY AND LIABILITIES | 2,219.8 | 2,221.6 | 2,214.4 |
2025
quarterly summary CEO statement Group development Other information Financial statements Additional information
Financial statements cont.SEKm | 2026 | 2025 | |
Opening equity | 1,659.9 | 1,566.2 | 1,566.2 |
Net Profit/loss | 21.5 | 51.3 | 128.1 |
Translation differences | 9.1 | -20.0 | -35.8 |
Total comprehensive income | 30.8 | 31.3 | 92.3 |
New share issue | - | - | 2.2 |
Repurchase of own shares | - | - | -90.3 |
Transaction costs | - | - | -0.5 |
Value of share based compensation | -3.2 | 20.5 | 90.1 |
Closing equity | 1,687.4 | 1,618.1 | 1,659.9 |
Condensed consolidated statement of changes in equity
Condensed consolidated statement of cash flows
31 Mar
Q1
31 Dec
2025
LTM Full-year
SEKm | 2026 | 2025 | ||
Operating activities Profit/loss before tax Adjustmens for non-cash items, etc. Income tax paid | 30.3 0.1 -21.5 | 68.5 31.4 -54.6 | 128.7 119.0 -74.9 | 166.9 150.3 -108.0 |
Cash flow from operating activities before working capital changes | 9.0 | 45.3 | 172.8 | 209.2 |
Change in inventory | 18.6 | -35.7 | 4.5 | -49.8 |
Change in current receivables | 100.4 | 3.7 | 155.6 | 58.8 |
Change in current liabilities | -40.8 | 30.8 | -35.6 | 36.0 |
Cash flow from operating activities | 87.2 | 44.1 | 297.3 | 254.3 |
Cash flow from investing activities | -13.8 | -3.9 | -58.3 | -48.4 |
Cash flow from financing activities | -3.7 | -5.7 | -100.0 | -102.0 |
Cash flow for the period | 69.7 | 34.5 | 139.0 | 103.9 |
Cash and cash equivalents at the beginning of the period | 895.0 | 824.1 | 852.1 | 824.1 |
Exchange rate differences in cash and cash equivalents | 15.7 | -6.6 | -10.6 | -32.9 |
Cash and cash equivalents at the end of the period | 980.4 | 852.1 | 980.4 | 895.0 |
25/26 2025
quarterly summary CEO statement Group development Other information Financial statements Additional information
Financial statements cont.Condensed Parent Company income statement
Q1 LTM Full-year
SEKm | 2026 | 2025 | ||
Net sales Cost of sales | 183.8 -68.1 | 331.3 -129.2 | 909.6 -266.7 | 1,057.1 -327.9 |
Gross profit | 115.7 | 202.1 | 642.9 | 729.2 |
Research and development | -21.1 | -48.2 | -183.9 | -211.0 |
Selling expenses | -36.0 | -38.9 | -220.1 | -223.0 |
Administrative expenses | -81.3 | -48.0 | -222.7 | -189.4 |
Other income and expenses | -1.4 | 6.9 | 5.1 | 13.4 |
Operating profit/loss (EBIT) | -24.1 | 73.9 | 21.4 | 119.3 |
Net financial items | 15.0 | -22.9 | 6.9 | -30.9 |
Profit/loss before tax | -9.1 | 51.0 | 28.3 | 88.4 |
Tax on profit for the period | 1.8 | -11.1 | -5.6 | -18.5 |
Net profit/loss for the period | -7.3 | 39.9 | 22.7 | 69.9 |
25/26 2025
quarterly summary CEO statement Group development Other information Financial statements Additional information
Financial statements cont.Condensed Parent Company balance sheet
31 Mar
31 Dec
SEKm | 2026 | 2025 | |
ASSETS | |||
Intangible assets | 2.6 | 4.3 | 2.7 |
Property, plant and equipment | 26.8 | 25.9 | 28.9 |
Participation in group companies | 101.4 | 53.0 | 103.7 |
Receivables from group companies | - | - | - |
Other Financial assets | 4.4 | 6.0 | 6.0 |
Deferred tax asset | 53.7 | 51.5 | 54.7 |
Total non-current assets | 189.0 | 140.7 | 196.1 |
Inventories | 593.5 | 543.4 | 608.1 |
Accounts receivable | 56.1 | 109.6 | 112.0 |
Receivables from group companies | 43.0 | 64.1 | 31.1 |
Other current assets | 71.0 | 40.4 | 41.2 |
Cash and cash equivalents | 717.3 | 754.2 | 689.6 |
Total current assets | 1,480.9 | 1,511.6 | 1,482.1 |
TOTAL ASSETS | 1,669.9 | 1,652.3 | 1,678.2 |
EQUITY AND LIABILITIES | |||
Restricted Equity | 218.2 | 215.7 | 218.2 |
Non-restricted Equity | 1,238.8 | 1,241.0 | 1,249.3 |
Total Equity | 1,457.0 | 1,456.7 | 1,467.5 |
NON-CURRENT LIABILITIES | |||
Other non-current liabilities | 1.7 | 5.7 | 3.6 |
Total non-current liabilities | 1.7 | 5.7 | 3.6 |
CURRENT LIABILITIES | |||
Current liabilities to credit institutions | - | - | - |
Accounts payable | 21.8 | 25.5 | 29.9 |
Liabilities to group companies | 126.8 | 105.7 | 107.8 |
Other current liabilities | 62.6 | 58.7 | 69.4 |
Total current liabilities | 211.2 | 189.9 | 207.1 |
TOTAL LIABILITIES | 212.9 | 195.6 | 210.7 |
TOTAL EQUITY AND LIABILITIES | 1,669.9 | 1,652.3 | 1,678.2 |
2025
quarterly summary CEO statement Group development Other information Financial statements Additional information
Condensed notes to the financial statementsNote 1. Accounting policies
This interim report comprise of the Swedish Parent Company Yubico AB ("Yubico"), with corporate registration number 559278-6668, and its subsidiaries. The Group is a global cybersecurity company whose mission is to make the internet safer for everyone. The operation is to conduct cyber security and to provide security products and services linked to authentication and other business activities associated therewith. The address of the head office is Gävlegatan 22, 113 30 Stockholm.
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" with some additional disclosures as required by the Swedish Annual Accounts Act.
The Parent Company's interim financial statements have been prepared in accordance with the Swedish Annual Accounts Act (1995:1554) chapter 9 "Interim Report" and the standard RFR 2 "Accounting for legal entities". The Parent Company applies the same accounting policies as the Group with the exceptions specified in note 2 of Yubico's annual report 2025.
The preparation of financial statements requires management to make estimates for accounting purposes. These estimates and assumptions are based on historical experience and other factors that are considered to be reasonable under current circumstances. Actual outcome may differ from the estimates if the estimates or circumstances change.
All financial assets and liabilities are measured at amortized cost, which is considered to be a reasonable approximation of fair value due to short durations.
These condensed financial statements are presented in Swedish kronor (SEK) which is the Parent Company's functional currency. All amounts are presented in million Swedish kronor ("SEKm"), unless otherwise indicated. Rounding differences may occur. Disclosures in accordance with IAS 34.16A are provided in the financial statements, notes and other parts of the interim report.
quarterly summary CEO statement Group development Other information Financial statements Additional information
Condensed notes to the financial statements cont.Note 2. Net sales
Q1 LTM Full-year
SEKm | 2026 | 2025 | ||
Americas | 307.0 | 447.1 | 1,362.3 | 1,502.4 |
EMEA | 127.5 | 142.4 | 516.2 | 531.1 |
Asia Pacific | 44.7 | 33.5 | 195.6 | 184.4 |
Total | 479.3 | 623.1 | 2,074.2 | 2,218.0 |
25/26 2025
Q1 LTM Full-year
SEKm | 2026 | 2025 | ||
Perpetual | 388.7 | 543.5 | 1,723.6 | 1,878.4 |
Subscription | 90.6 | 79.6 | 350.6 | 339.6 |
Total | 479.3 | 623.1 | 2,074.2 | 2,218.0 |
25/26 2025
For perpetual, the performance obligation is satisfied at the time of delivery and revenue is recognized at that point in time. For subscription, the security solution is consumed by the customer through continuous access to the security service including the access to Yubico's intellectual property through the license and use of the hardware key over the contract term period. Accordingly, revenue is recognized on a straight-line basis over the contract period.
Note 3. Personnel expenses for the group by function
Q1 LTM Full-year
SEKm | 2026 | 2025 | ||
Cost of sales | 30.2 | 30.9 | 112.0 | 112.7 |
Research and development | 70.5 | 86.7 | 272.9 | 289.0 |
Selling expenses | 148.8 | 155.5 | 623.8 | 630.4 |
Administrative expenses | 47.2 | 82.7 | 191.0 | 226.5 |
Total | 296.7 | 355.8 | 1,199.6 | 1,258.6 |
25/26 2025
Quarterly figures
quarterly summary CEO statement Group development Other information Financial statements Additional information
This section includes certain alternative performance measures (APM) which are not defined under IFRS. These are used by Yubico as Yubico believes that these APMs provide valuable information for investors and other stakeholders to evaluate the financial performance of Yubico. As not all companies calculate financial measures in the same way, they are not always comparable with similar measures used by other companies. These measures should therefore not be regarded as a substitute for measures defined under IFRS.
SEKm Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Net sales | 479.3 | 548.3 | 547.5 | 499.1 | 623.1 | 623.0 | 589.9 | 614.4 | 498.9 |
Net sales growth (%) | -23.1 | -12.0 | -7.2 | -18.8 | 24.9 | 12.2 | 44.8 | 36.3 | 20.6 |
Net sales growth (adjusted for change in foreign currency) (%) | -10.2 | -1.3 | 0.1 | -11.4 | 22.4 | 11.2 | 49.0 | 34.7 | 20.6 |
Subscription sales | 90.6 | 94.1 | 86.7 | 79.2 | 79.6 | 74.3 | 71.2 | 59.8 | 56.5 |
Subscription sales of net sales (%) | 18.9 | 17.2 | 15.8 | 15.9 | 12.8 | 11.9 | 12.1 | 9.7 | 11.3 |
Gross profit | 368.2 | 413.9 | 430.2 | 394.5 | 488.7 | 524.3 | 478.0 | 493.4 | 402.4 |
Adjusted operating profit (EBIT) | 14.9 | 6.5 | 79.6 | 21.2 | 92.6 | 110.9 | 110.7 | 130.8 | 85.1 |
Operating profit (EBIT) | 14.9 | 6.5 | 79.6 | 21.2 | 92.6 | 110.9 | 110.7 | 130.8 | 85.1 |
Net profit/loss for the period | 21.5 | 3.7 | 64.2 | 8.9 | 51.3 | 113.1 | 81.2 | 103.6 | 73.8 |
Gross margin (%) | 76.8 | 75.5 | 78.6 | 79.1 | 78.4 | 84.1 | 81.0 | 80.3 | 80.7 |
Adjusted EBIT margin (%) | 3.1 | 1.2 | 14.5 | 4.2 | 14.9 | 17.8 | 18.8 | 21.3 | 17.0 |
EBIT margin (%) | 3.1 | 1.2 | 14.5 | 4.2 | 14.9 | 17.8 | 18.8 | 21.3 | 17.0 |
Net cash | 945.1 | 856.0 | 835.7 | 902.6 | 805.5 | 771.9 | 676.1 | 618.5 | 510.8 |
Bookings | 390.6 | 704.5 | 504.2 | 621.8 | 523.8 | 771.3 | 609.7 | 672.6 | 578.9 |
Bookings growth (%) | -25.4 | -8.7 | -17.3 | -7.6 | -9.5 | 12.8 | 52.6 | 65.5 | 65.4 |
Bookings growth (adjusted for change in foreign currency) (%) | -14.4 | 4.6 | -9.3 | 2.6 | -10.7 | 11.5 | 58.5 | 62.8 | 65.9 |
Subscription bookings | 47.3 | 198.7 | 86.5 | 200.8 | 58.3 | 146.0 | 89.3 | 142.2 | 104.1 |
Subscription share of bookings (%) | 12.1 | 28.2 | 17.1 | 32.3 | 11.1 | 18.9 | 14.6 | 21.1 | 18.0 |
ARR | 383.5 | 391.0 | 386.2 | 394.4 | 345.7 | 324.1 | 292.7 | 287.6 | 277.1 |
quarterly summary CEO statement Group development Other information Financial statements Additional information
Alternative performance measuresKey figure | Definition | Purpose |
Subscription sales | Net sales related to subscription. | Understand the magnitude of subscription revenue. |
Subscription share of net sales | Subscription sales in relation to net sales. | Measure to analyze the magnitude of the subscriptions in relation to net sales |
Net sales growth | Annual growth in net sales. | Used to measure the net sales growth in the company. |
Net sales growth (adjusted for change in foreign currency) | Net sales growth adjusted for changes in foreign currency rates. | Used to measure comparable net sales growth excluding translation effects into foreign currency. |
Gross margin | Gross profit as a percentage of net sales. | The measure is a complement to the gross profit, which only states the change in absolute figures (when different periods are compared). The gross margin is an indicator of the company's core profitability and helps assess the efficiency of the production and supply chain. |
EBIT margin | Operating profit/loss (EBIT) in relation to net sales. | The measure is a complement to the EBIT (Operating profit/loss), which only states the change in absolute figures (when different periods are compared). EBIT margin is used to provide an understanding of the group's overall profitability. |
Net cash | Cash and cash equivalents less interest-bearing liabilities | Used to assess the company's ability to meet its financial obligations and level of debt. |
Bookings | Total value of bookings received during the period. | Measure used to analyze the magnitude of increase in bookings. |
Subscription bookings | Total value of subscription bookings received during the period. | Measure used to analyze the expected volume of future revenue related to subscription. |
Subscription share of bookings | Subscription bookings in relation to total bookings. | Measure to understand the relation of subscription bookings in relation to total bookings. |
Annual Recurring Revenue (ARR) | Total contract value related to subscription contracts as of the end of the reporting period, excluding one-time fees, divided by the term of the contract, translated based on the average foreign exchange rate on a rolling 12-month basis. | Management follows this measure as it is important to understand annualized revenue expected from subscribers. |
quarterly summary CEO statement Group development Other information Financial statements Additional information
Reconciliation of alternative performance measuresQ1 LTM Full-year
SEKm | 2026 | 2025 | ||
Gross profit and gross margin | ||||
Net sales | 479.3 | 623.1 | 2,074.2 | 2,218.0 |
Cost of sales | -111.1 | -134.3 | -467.4 | -490.7 |
Gross profit | 368.2 | 488.7 | 1,606.8 | 1,727.3 |
Divided by Net sales | 479.3 | 623.1 | 2,074.2 | 2,218.0 |
Gross margin | 76.8% | 78.4% | 77.5% | 81.6% |
EBIT margin | ||||
Operating profit (EBIT) | 14.9 | 92.6 | 122.2 | 199.9 |
Divided by Net sales | 479.3 | 623.1 | 2,074.2 | 2,218.0 |
EBIT margin | 3.1% | 14.9% | 5.9% | 9.0% |
Net sales growth (adjusted for change in foreign currency) | ||||
Total Net sales growth | -143.8 | |||
whereof change in foreign currency | -80.0 | |||
whereof growth adjusted for change in foreign currency | -63.7 | |||
Total Net sales growth | -23.1% | |||
whereof change in foreign currency | -12.8% | |||
whereof growth adjusted for change in foreign currency | -10.2% | |||
25/26 2025
31 Mar
31 Dec
SEKm | 2026 | 2025 | |
Net cash | |||
Cash and bank | 980.4 | 852.1 | 895.0 |
Non-current interest-bearing liabilities | -21.0 | -31.7 | -23.0 |
Current interest-bearing liabilities | -14.2 | -14.8 | -16.0 |
Net cash | 945.1 | 805.5 | 856.0 |
2025
Vision
A safer internet for all
Mission
Protect the digital you
Sales channels
Direct sales
E-commerce
Distribution partners: distributors and retailers
Two business models
Perpetual models: Revenue and costs on delivery.
The subscription-based model: Revenue over 3-5 years and most of the cost in the first year
Production and R&D
Adaptable production in Sweden and the U.S
In-house development and development partnerships with leading technology companies
Yubico is a global cybersecurity company that between 2020 and 2025 has grown net sales by a compounded annual growth rate ("CAGR") of 30 percent. Through its core product and invention, the YubiKey, Yubico solves the number one cybersecurity issue - use of stolen credentials. These cause 8 out of 10 cybersecurity intrusions, often through so called phishing attacks. The YubiKey is a multi-factor authentication (MFA) hardware key ensuring that only authorized users have access to sensitive accounts and systems. The authentication solution encompasses an extensive portfolio of proprietary technologies. To date, YubiKeys have been sold and deployed in more than 175 countries worldwide. Yubico's customers include technology companies, financial services, manufacturing, retail, governments, and | the wider public sector, with customers such as Amazon, Google, Microsoft and the State of Washington using YubiKeys to protect staff, end users and sensitive information from cyberattacks. YubiKeys have historically only been sold against a one-time payment, also known as on a perpetual basis, which gives the customer ownership of the product throughout its lifetime. Since 2020, Yubico also offers a subscription-based model, YubiKey as a Service, in which Yubico assumes a larger overall responsibility and retains ownership of the hardware. Yubico is headquartered in Stockholm, Sweden and Santa Clara, California with manufacturing primarily located in Sweden with minor manufacturing in the US. The company is trading on Nasdaq Stockholm since December 5, 2024. |
Our strategy is anchored in five closely connected priorities:
| |
quarterly summary CEO statement Group development Other information Financial statements Additional information
Financial targets1 | Dividend policy | ||
25% Average annual growth in net sales | 2O% EBIT margin | For the foreseeable future, Yubico will primarily use generated cash flow for investing in continued growth |
1) Set in 2024 and apply for the next five years.
Yubico AB
-
Gävlegatan 22
SE-113 30 Stockholm Sweden
+ 46 8 411 30 00
https://www.yubico.com Org.nr 559278-6668
https://www.linkedin.com/company/yubico/ https://www.twitter.com/yubico/